As you work to build more resilient supplier networks, start by investing in a comprehensive digital transformation. Once seen as a competitive advantage, digitalization has become an indispensable necessity as supply chains have grown more complex and outsourced, with brands and retailers increasingly relying on vast overseas networks.
It seems nearly all workers in retail had their job roles expanded in 2020 as the pandemic forced thousands of stores to close even more rapidly as ecommerce exploded, creating demand in new areas as the industry drastically reset, a new survey found. Despite a difficult year, there was a good deal of optimism about 2021.
Retailers must prioritize digitalization and digital transformation efforts — and fast. While ecommerce has surged in 2020, it’s not nearly enough to offset the impact of the shutdowns many retailers experienced. The ability to digitally transform will be the difference between success and failure in retail’s next chapter.
With rising demands and increased competition, retailers can capture the attention of digitally saturated consumers through enhanced, experiential shopping, to attract them to both physical and virtual stores. Whether online, mobile or in store, this omnichannel experience has to be consistent, seamless and intuitive.
Today’s shoppers increasingly are digital natives, which means they prefer technology-based solutions and hold high expectations when it comes to the end-user experience. In fact, recent market research found that 86% of shoppers are willing to pay more for a better customer experience.
Gone are the days when buyers relied exclusively on cash, checks and credit cards to conduct financial transactions. Today, digital transformation and next-gen technology are dramatically transforming payment methods, processes and systems.
The multichannel, digital marketplace thrives on speed, convenience and ease of use. We’re always striving to remove friction and make processes faster and more efficient. One way to achieve this includes streamlining how we conduct payments.
Where do your customers spend their precious free time – and, more importantly, their money? The answer is increasingly on digital channels, especially websites and apps on mobile devices. Here is how to use this channel effectively for your retail business.
Target reported a strong fourth quarter for ecommerce with digital sales up 31%, hitting $5 billion for the year, a five-fold increase since 2012. Overall comp sales were up 5.3% in Q4 on traffic growth of 4.5%, but revenue was flat at $23 billion.
Retailers with a physical presence have an advantage over pure-play ecommerce companies this holiday season, according to a survey by JLL Retail, with 57.3% of consumers planning to make the majority of their purchases there. See what five retailers consumers prefer as well as other predictions for their shopping habits this holiday season.